BSR reports profit of US$119.2 million in 6 months

The Hanoitimes - Binh Son Refinery and Petrochemical (BSR)`s after-tax profit in the first six months this year reached VND2.7 trillion (US$119.2 million), equivalent to 77.6% of the year target.

During this period, the oil refinery operator's revenue stood at VND53.9 trillion (US$2.38 billion), or 69% of the year plan, according to the company's report.

Illustration photo.

BSR is expected to hold its annual shareholder meeting on June 21, the first since BSR's initial public offering (IPO) in January 2018.

Consequently, BSR set profit target to reach its peak at VND6.37 trillion (US$281.2 million) in 2019, after which the profit will gradually decline in the next three years due to investment activities.

By the end of 2020, BSR will complete the expansion project of the Dung Quat Oil Refinery, Vietnam's first oil refinery under its management, and putting into operation by 2022.

After 9 years of operation, Dung Quat Oil Refinery supplied over 50 million tons of petroleum products to the market, reaching accumulated revenue of VND862.5 trillion (US$38 billion).

BSR raised VND5.57 trillion (US$245 million) in proceeds by selling 241.55 million shares, equivalent to a 7.79% stake in its IPO at the Ho Chi Minh City Stock Exchange (HOSE) on January 17. The proceeds surpassed the original estimation of VND3.5 trillion (US$154 million) that was calculated with the initial offering price of VND14,600 (US$0.6).

In 2017, BSR's sold 6.1 million tons of products, resulting in a revenue of VND80.5 trillion (US$3.5 billion), according to the company's financial statement. BSR has contributed VND10.3 trillion (US$453 million) to the state budget, recording an after-tax profit of VND8 trillion (US$352 million).